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The S&P500 emini futures lost a little steam and saw some minor profit taking from 1290.    Looking for a point of control around 1275 for the buyers to take back control today and retest the highs.  If we see price failure on the approach to 1335 then we could look at consolidation in to the end of the year.  Would not seem consistent with most year end rallies.

The S&P500 is showing support at 1261 with major support coming in at 1252 and 1246.25.  This could be the formation of a bullish flag on the daily with a bit of consolidation at present levels to get a break of the ceiling.

Major Resistance is coming up at 1300 Mark.  Market volume is slowing, probably because of the MR Global insolvency and the CME cancelling all the orders.  Needless to say the Euro has rallied to a lower high after all the bail outs.  Too bad there is no commitment to fix the problems, just kick the can down the street.